Reducing National Debt In America
The United States of America’s government spending is rising, deficit is persistent, thus the federal debt reached alarming level during recent years. Endlessly skyrocketing the amount of debt in United States of America has been a huge concern to government and citizens. I interviewed two U.S. citizens for their opinions on government spending and national debt so to get different perspectives on this matter. They are Miss. Simpson, the History and Economics teacher at Ocean View Christian Academy, and Jiyoung Park, a college student that takes courses dealing with government and politics with huge interest. When asked what were their thoughts on national debt, Miss Simpson said, “ I do think it should be one of the top decisions that needs
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National debt may not be a such a bad thing because every country has debt. U.S. has more debt just because it is a big country with big population. Having national debt does not put us at the bottom, it just shows that we have more things to spend money on than other countries.” and others say it is possible to reduce national debt like Miss Simpson who said, “ I do believe that we can reduce national debt. The only way for that to happen is to cut spending. Eliminating programs such as welfare, which has become a generational income, can help take us out of debt.” In fact, it is certainly possible to reduce the national debt in several ways. The first step of reducing debt is recognizing the problem of national debt and flow of the money. Second is having a executable balance plan which addresses the major drivers of the debt. Raising retirement age is one of the way to cut the government spending. Life expectancy has raised from 70 to 78 over 50 years, but the retirement age still remained in early 60s. By raising retirement age, people can work longer which means more taxable income taxes, less obligation for Social Security, and larger work force. Cutting unnecessary discretionary spending and controlling inflation rate will also help to reduce the debt. Arranging the government departments or programs according to government's priority will allow to cut off the most harmful programs to the economy. Other alternatives are raising taxes while cutting the spending and repudiating the debt. Basically, the best way to reduce debt is to cut the government spending. Cutting government spending will be the most effective way to reduce the debt in long term. Sooner the U.S. government does these, the easier it will be to make changes. There will be less compound interest and U.S. can bring the
National debt may not be a such a bad thing because every country has debt. U.S. has more debt just because it is a big country with big population. Having national debt does not put us at the bottom, it just shows that we have more things to spend money on than other countries.” and others say it is possible to reduce national debt like Miss Simpson who said, “ I do believe that we can reduce national debt. The only way for that to happen is to cut spending. Eliminating programs such as welfare, which has become a generational income, can help take us out of debt.” In fact, it is certainly possible to reduce the national debt in several ways. The first step of reducing debt is recognizing the problem of national debt and flow of the money. Second is having a executable balance plan which addresses the major drivers of the debt. Raising retirement age is one of the way to cut the government spending. Life expectancy has raised from 70 to 78 over 50 years, but the retirement age still remained in early 60s. By raising retirement age, people can work longer which means more taxable income taxes, less obligation for Social Security, and larger work force. Cutting unnecessary discretionary spending and controlling inflation rate will also help to reduce the debt. Arranging the government departments or programs according to government's priority will allow to cut off the most harmful programs to the economy. Other alternatives are raising taxes while cutting the spending and repudiating the debt. Basically, the best way to reduce debt is to cut the government spending. Cutting government spending will be the most effective way to reduce the debt in long term. Sooner the U.S. government does these, the easier it will be to make changes. There will be less compound interest and U.S. can bring the